SBI shares dip 7%, m-cap falls Rs 8,422 cr on profit worries

Shares of SBI today plunged nearly 7 per cent, wiping out Rs 8,422 crore from its market valuation, after the company said bad loans are expected to surge in the coming quarter, which may hit its profitability.
The stock plummeted 6.49 per cent to end at Rs 156.40 on BSE. Intra-day, it tumbled 6.78 per cent to Rs 155.90.
At NSE, shares of the company dipped 6.82 per cent to settle at Rs 156.40.
Led by the decline in the stock, the company's market valuation went down by Rs 8,422.17 crore to Rs 1,21,409.83 crore.
In terms of volume, 50.60 lakh shares of the company changed hands at BSE and over 3 crore shares were traded at NSE during the day.

The stock was the top loser on both Sensex and Nifty.

Faced with huge NPAs, SBI Chairman Arundhati Bhattacharya today said bad loans are expected to surge in the coming quarter, which may hit its profitability.
"We had already said at our press conference during the quarterly (third) results press conference. I will say the same thing, that our profits were impacted due to rise in non-performing assets (NPAs)," Bhattacharya told reporters in New Delhi on the sidelines of the opening of the bank's Japan desk.
"In the next quarter too, NPAs will rise further that will affect our profits."

SBI's gross NPAs, or bad loans, soared to Rs 72,791.73 crore at the end of the December quarter as against Rs 61,991.45 crore a year earlier.
Meanwhile, in the broader market, the BSE Sensex fell by 362.15 points to end at 23,191.97.